Accy 200 exam - Study guides, Class notes & Summaries

Accy 200 exam 1, Accy 200 Midterm Already Graded A+ -accounts payable -short-term debt -current maturities of long-term debt -unearned revenue or deferred credits -other ️Examples of Current Liabilities -Accounts receivable -inventories -prepaid expenses -other current assets. ️What is the correct balance sheet presentation for current assets? -Cash accounts -Short-term securities -Accounts and Notes Receivables -Merchandise and Inventory -Prepaid Expenses ️What do current assets include? ...

ACCY 200 EXAM 1 UIUC QUESTIONS AND ANSWERS ALREADY PASSED What do revenues represent in business operations? A. Financial gains from transactions B. Investments by shareholders C. Operational costs incurred D. None of the above : Financial gains from selling a product What is the significance of Paidin Capital for a business? A. Daily operational funds B. Initial investments by shareholders C. Retained earnings distribution D. None of the above : The amount invested by shareho...

ACCY 200 Exam 1 UIUC Questions and Answers (100% Pass)

ACCY 200 EXAM UIUC ACTUAL EXAM QUESTIONS AND DETAILED CORRECT ANSWERS | A+ STUDY GUIDE

SB CHP.2 ACCY 200 EXAM 1 QUESTIONS AND ANSWERS GRADED A+ If total assets amount to $15,000 and total liabilities amount to $9,000, then: A. Stockholders' equity is equal to $6,000 B. Net income is $6,000 C. Liabilities exceed assets by $6,000 D. None of the above Companies are required to maintain the same accounting method consistently due to the ___________ concept. A. Uniformity B. Stability C. Consistency D. Regularity 2 The matching concept ensures that: ...

UIUC accy 200 EXAM 2 | Questions And Answers Latest {} A+ Graded | 100% Verified

ACCY 200 Exam 1 UIUC Verified A cash equivalent is a current asset that: is readily convertible into cash with a minimal risk. A concept or principle that relates to transactions is: original cost. A credit entry will: increase a liability account. A debit entry will: increase the balance of an expense account. A firm wishing to minimize the amount reported for taxable income and maximize the amount reported as net income in the year in which a new long-term asset is placed in servic...

ACCY 200 Exam 1 All CQ Questions Verified Answers A cash equivalent is a current asset that: - will be converted to cash within one year. - will be converted to cash within one month. - is readily convertible into cash with a minimal risk. - is readily convertible into cash with a substantial risk. - none of the above. ️- is readily convertible into cash with a minimal risk. A debit entry will: - always decrease the account balance. - increase the balance of a revenue account. - always inc...

ACCY 200 EXAM 1 UIUC; Questions & Answers 100% Verified Revenues are Correct answer-increases in net assets from selling a product Paid-in Capital represents Correct answer-the amount invested in the entity by the stockholders The Statement of Cash Flows Correct answer-shows how cash changed during the period Accrual accounting Correct answer-accomplishes much of the matching of revenues and expenses Stockholders' equity refers to Correct answer-the ownership right of the stockholde...

SB CHP.2 ACCY 200 EXAM 1; Questions & Answers 100% Verified If the total assets is equal to $15,000 and the total liabilities is equal to $9,000, then: Correct answer-the total stockholders' equity is equal to $6,000. Companies are not allowed to switch back and forth between alternative accounting methods from year to year because of the ___________ concept. Correct answer-consistency